CEA Industries files lawsuit against asset manager 10X Capital

CEA Industries Inc. (NASDAQ: BNC) filed a complaint against 10X Capital LLC in the United States District Court for the District of Delaware, the company announced May 22.

The lawsuit seeks a declaration that the Asset Management Agreement between the companies is void and unconscionable. CEA Industries is requesting the court order 10X Capital to return all fees paid under the agreement.

The complaint characterizes the Asset Management Agreement as "oppressively one-sided" and argues it should be considered void from inception.

CEA Industries describes itself as a growth-oriented company focused on building businesses in consumer markets. The company states it manages what it calls the world's largest corporate treasury of BNB, though the nature of BNB was not specified in the announcement.

The information was disclosed in a company press release statement.

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